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Veterans transitioning out of service, and considering career changes in the years beyond, might wonder what’s next. Business ownership might be a scary, but exciting leap.
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Veterans own 5.9 percent of all businesses, according to the U.S. Census Bureau, overseeing close to 4 million employees across the country. And they are doing well — more than 3 in 4 businesses owned by veterans exceed $100,000 in yearly revenue, and 38% exceed half a million dollars, the National Veterans Foundation reports.
Veterans who own their own businesses, and those who advise them, have specific tips for success.
You might love the support system of a franchise model
Former Army officer Steve White, COO of restoration company PuroClean, implemented the PuroVet program, which encourages veterans to jump-start their careers by joining a franchise. He started his own franchising journey when corporate recruiters from Domino’s Pizza approached him while he was still on active duty.
“I am very grateful to have found this franchise life,” White told AARP Veteran Report. “Everything I learned in the Army has had application in my business career. During my time in service, I served under some of the greatest leaders who taught me … the difference between management and leadership. Being an infantry officer taught me how to work hard until the job was done.”
Franchise life means you aren’t “doing it alone,” and instead have a sense of community reminiscent of military service.
You won’t love it every day — it’s a ‘roller coaster’
Business ownership is far from easy, even though you get to be your own boss. This is a lesson Air Force veteran Tisha Ayers, based in Evans, Georgia, wants all veterans to know.
The CEO and founder of Cashmere Moon looked into business ownership after enjoying being able to see her kids more during the pandemic. Though her sustainable indie beauty and body care business is thriving now, with a projected “few million” in revenue this year, it wasn’t always simple.
“Of course, doing the research, knowing there will be tough times, and being prepared for a roller coaster ride of emotions is important to accept as well,” she told AARP Veteran Report.
Consider acquiring a business rather than starting one
While it might seem like the only option is starting from the ground up, Kevin Henderson, a Dallas-based attorney and founding partner at SMB Law Group, often recommends Entrepreneurship-Through-Acquisition (ETA) to his veteran clients. The term simply means buying or acquiring an existing business.
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